China

Bitcoin Will Go Substantially Higher According to Novogratz, Here’s Why

Mike Novogratz – the CEO of Galaxy Digital – opined that China’s less hostile stance on the crypto industry could be one reason behind bitcoin’s possible price increase in the next several months. The Hong Kong subsidiaries of some leading Chinese banks have recently offered their services to local cryptocurrency businesses.  Novogratz’s Bullish Forecast The...
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Hong Kong Regulators to Host a Meeting Between Crypto Firms and Local Banks (Report)

The financial watchdogs of Hong Kong will reportedly host a meeting between domestic cryptocurrency businesses and bankers. The initiative could ease financing for the industry as the region seeks to emerge as a global digital asset hub. Crypto firms based in Hong Kong have supposedly received support from leading Chinese banks in the past several...
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Leading Chinese Banks Support Hong Kong-Based Crypto Firms: Report

The subsidiaries of some of the largest Chinese banking institutions, including the Bank of Communications, the Bank of China, and Shanghai Pudong Development Bank, have reportedly either started offering their services to cryptocurrency businesses based in Hong Kong or reached out to them. The special administrative region has recently emerged as a digital asset hub,...
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Chinese Crypto Exec Quits Firm Amidst Sexual Harrasment Probe

A&T Capital’s founding partner Yu Jun reportedly resigned from his position earlier this month. While the crypto fund cited “personal issues” as the reason, Jun has refrained from commenting on the matter. According to a statement to Bloomberg, A&T Capital said that Jun, a veteran in China’s crypto investor community, is no longer involved with...
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Binance Employees Trained Users to Bypass KYC and AML Rules (Report)

On March 23, CNBC reported that a group of Binance angels shared techniques that allow users to bypass the platform’s KYC, residency, and verification systems. CNBC confirmed the information by reviewing hundreds of messages posted on a Discord server and a Telegram group controlled and operated by Binance, which apparently ran from 2021 to March...
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Canaan’s Q4 22 Mining Revenue Increased by 368% But There’s a Catch

Increasing electricity costs and a decline in digital asset prices coupled with high mining difficulty in the fourth quarter slashed mining profit margins and made it difficult for miners to stay afloat. Chinese crypto mining rig maker – Canaan – reported a mining revenue of $10.5 million in the fourth quarter, representing an increase of...
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Tencent Cloud Dives Deeper into Web3 with New Partnerships

Tencent Cloud announced strategic collaborations with prominent companies in the crypto industry namely – Ankr, Avalanche, Scroll, and Sui – to support the development of the Web3 ecosystem. According to the official statement by the subsidiary of the Chinese tech giant, the latest move aims to establish close relationships with industry partners to assist developers...
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Hong Kong’s Crypto Push Could Have China’s Backing: Reports

Is China experimenting with crypto in its backyard – Hong Kong? Over the last few months, the city has made some decisive moves to have a clear regulatory environment for crypto businesses in its jurisdiction. Hong Kong is the special administrative region of China with a separate legal system and control over its markets. As...
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Cameron Winklevoss Predicts Next Crypto Bull Run Will be Driven by Asia

On Feb. 20, the crypto pioneer said his working thesis at the moment is that the next bull run is going to start in the East. He added that it will be a reinforcement of the principle that crypto is a global asset class. Each region can have its own rules and stance on crypto,...
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China Establishes National Blockchain Organization (Report)

The Chinese Ministry of Science and Technology reportedly approved the launch of the National Blockchain Technology Innovation Center.  It will be based in the capital Beijing and will focus on use cases that could boost the local economy.  Unlike BTC, China is Supportive of Blockchain  According to recent coverage, the newly-formed entity will try to advance...
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Chinese Cities Introduce Digital Yuan Payments During the Spring Festival (Report)

Major Chinese cities, including Shenzhen, Jinan, and Lianyungang, have reportedly launched approximately 200 activities involving the digital yuan during the Spring Festival.  The authorities aim to boost the asset’s adoption during one of the largest holidays in the country. China Continues With its CBDC Efforts According to recent coverage, the local government started digital yuan activities...
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Justin Sun Wants Tron (TRX) to Become Legal Tender in 5 Countries This Year

Tron’s Founder – Justin Sun – said one of his primary targets is to see TRX becoming an official payment method in five different countries by the end of 2023.  He believes one of the nations to embrace the asset could be his homeland China. The ‘Ambitious Goal’ In a recent Twitter thread, Sun raised...
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What Is Happening With China and its Crypto Approach?

Last year’s industry-wide meltdown has haunted Asian firms as they cautiously plot their recovery. China was once a hotbed for crypto mining and trading. Even after announcing a blanket ban on all digital asset activities more than a year ago, there’s reason to believe that the country may make a comeback in the space. Tron...
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US DOJ Issues International Cryptocurrency Enforcement Action

On Wednesday, the United States Department of Justice announced an international cryptocurrency enforcement action. The Department arrested the founder of BitZlato – a Chinese crypto exchange involved in servicing financial criminals The DOJ broke the news on Wednesday, alongside representatives from the FBI, OFAC, and the Financial Crimes Enforcement Network (FinCEN). OFAC administers the US...
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Bitcoin Study Claims Chinese Crypto Traders Are Price Gouging Korean Buyers, But They’re Not (Opinion)

There’s a crypto study out of South Korea recently of Chinese Bitcoin arbitrage traders and Korea’s “kimchi premium” on Bitcoin prices. Its characterization of the cross-border Bitcoin trade and recommendations miss some key economic foundations. A recently published crypto study by Incheon National University and the Bank of Korea is making the rounds. The authors...
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Hong Kong Intends to Become a Crypto Hub, Could That Trigger Next Bull Run?

China’s autonomous special administrative region – Hong Kong – reportedly aims to legalize cryptocurrency retail trading and emerge as a digital asset hub. According to the Co-Founder of BitMEX – Arthur Hayes – the state’s vision and crypto adoption could propel a new bull market. What Is on the Agenda? A recent coverage by Bloomberg...
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Arthur Hayes Says Bull Market Will Be Back When China and Hong Kong ‘Love Crypto’

China was emerging as the epicenter of the crypto industry. Within a decade, the country witnessed the spawning of giant exchanges like Binance Holdings Ltd. as well as the biggest Bitcoin mining firms. However, Beijing’s move to ban crypto trading and mining last year seemed poised to douse the entire domestic industry. Hong Kong, on...
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China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

Law enforcement agents from Hengyang (a city in the southern Chinese province Hunan) have reportedly busted a criminal group that employed cryptocurrencies to launder 40 billion yuan (approximately $5.6 billion). Over the past several months, China’s authorities halted numerous similar schemes, arresting thousands of people. The ‘Hundred-day Action’ According to a local coverage, the Chinese...
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Huobi’s Founder Looking to Sell His Stake in the Company for $3 Billion (Report)

The founder of the cryptocurrency exchange Huobi Group – Leon Li – is said to be in talks with numerous investors regarding selling his majority stake in the firm for nearly $3 billion. Some of those in discussion with him are supposedly Justin Sun and Sam Bankman-Fried. As reported by Bloomberg, the Chinese crypto mogul...
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China’s Taiyi Group Acquires Huobi’s Communication Tool for Metaverse Exploration

Chinese companies are increasingly focusing their attention on developing the metaverse space. Despite the top-down state control, companies have made big investments in both hardware and software. Taiyi Group is one such organization that has now announced the acquisition of Huobi’s communication tool, dubbed Huoxun. According to a recent report, the goal is to develop...
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What Does the US FinCEN License Mean for Huobi?

Huobi’s subsidiary, HBIT, has received a license from the US Financial Crimes Enforcement Bureau’s (FinCEN) Money Services Business Registration (MSB). This will help the cryptocurrency exchange to conduct digital currency-related business in the US in the future. Huobi’s US Push The Chinese cryptocurrency exchange attempted to enter the US market in 2018 but withdrew immediately....
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The Chinese Unit of Sequoia Capital to Raise $9 Billion for New Funds (Report)

Sequoia Capital’s Chinese subsidiary will reportedly secure $9 billion for four new funds. Those will be distributed towards supporting fintech and cryptocurrency startups in China. According to a coverage by The Information, the venture capital firm’s fundraiser will surpass the company’s initial target of $8 billion. If accomplished, the amount will become the largest capital...
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Chinese Tech Giants Vow Support Additional Regulations on Digital Collectibles

Chinese tech giants join the state-backed efforts in regulating the digital collectibles by voicing support for the “self-discipline initiative” that ensures identity checks on users, adheres to the country’s ban on cryptocurrency and prevents the speculation of digital assets. Tech Giants Tiptoeing In Line With Authorities According to the statement by the China Cultural Industry...
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China’s BSN Founder Not Fan of Bitcoin, Calls Crypto a Ponzi Scheme

Yifan He, the CEO of Blockchain-based Service Network (BSN), published an article on June 26 referring to cryptocurrencies as the “biggest Ponzi scheme in human history.” He is also the CEO of Red Date Technology, which happens to be one of the founding members of China’s blockchain infrastructure. The article was published in the state...
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WeChat Bans All Crypto-Related Content Following ToS Update

China has had a rocky relationship with the world of blockchain and digital assets for the past couple of years. Originally a country conducive to mining, trading, and other activities, 2021 led to crackdowns on almost everything, mainly due to high energy consumption and a perceived gateway for operations frowned upon by the government. The...
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Digital Colletible Platforms in China Grow Exponentially Amid Government Warnings

Despite being known for its anti-crypto stance, China has not banned NFTs yet. Meanwhile, a noticeable interest in “digital collectibles” have recently surged in the country amid the government warning people not to trade any forms of digital assets. Digital Collectibles Rise in Popularity After the all-sweeping crypto ban in 2021, it’s no secret anymore...
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China’s Alibaba Cloud Quietly Launching International NFT Solutions

The cloud computing division of e-commerce giant Alibaba Group has launched new services for NFT platforms based outside of mainland China. The features Alibaba Cloud will provide include web hosting, digital marketing, and content delivery, according to reports in the SCMP (owned by Alibaba) on June 9. According to an Alibaba spokeswoman, NFT and Metaverse...
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China Targets Xinjiang’s Development Park for Introducing Bitcoin Mining in 2018

In a new report, a central leading group for the inspection work of ecological and environmental protection said that ecological and environmental problems in some of the areas of Xinjiang Uygur Autonomous Region and Xinjiang Production and Construction Corps (XPCC) are still prominent, and are not well resolved. The inspecting team revealed that certain localities...
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China to Airdrop $4.5 Million in e-CNY to Shenzhen Residents to Bolster Local Economy

The Chinese authorities will reportedly give away 30 million yuan ($4.5 million) in e-CNY to Shenzhen’s residents on Monday in a bid to boost its pandemic-hit economy. The latest endeavor has also shown that China continues to push its CBDC and promote the financial product among broad society. A Bid to Revitalize the Local Economy...
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STEPN Set to Ban Mainland China Users in Compliance with Regulators

Well-known move-to-earn game STEPN announced on Thursday that it will stop offering IP and GPS-related services to users from mainland China, as required by the authorities. The new ban will come into effect on July 15th. Deadline Set on July 15th The Solana-based social-fi application is a mobile platform that rewards users through walking, jogging,...
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Bitcoin (BTC) $ 96,724.92 1.27%
Ethereum (ETH) $ 3,716.44 2.53%
XRP (XRP) $ 2.63 0.10%
Tether (USDT) $ 1.00 0.14%
Solana (SOL) $ 236.57 4.01%
BNB (BNB) $ 764.86 17.58%
Dogecoin (DOGE) $ 0.420458 0.66%
Cardano (ADA) $ 1.23 3.12%
USDC (USDC) $ 1.00 0.02%
Lido Staked Ether (STETH) $ 3,713.45 2.63%